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Article: Macquarie Bank to cut residential mortgage business back sharply
- Article from:
- International Herald Tribune
- Article date:
- March 6, 2008
- Author:
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Denny Thomas and Cecile Lefort Reuters
International Herald Tribune
03-06-2008
Macquarie Bank to cut residential mortgage business back sharply
Byline: Denny Thomas and Cecile Lefort Reuters
Edition: 1
Section: FINANCE/BUSINESS
SYDNEY --
Macquarie Bank said Wednesday that it would significantly scale back its domestic residential mortgage business, Macquarie Securitization because the cost of funding the loans had risen sharply because of the global credit shortage.
Macquarie Bank said that the credit quality of its mortgage portfolio was good and that it had no subprime exposure.
"The impact of the decision to wind back the business is not financially material," Macquarie Bank said in the ...